Lucid Group (NASDAQ:LCID) Stock Price Down 5.6% – Time to Sell?

Shares of Lucid Group, Inc. (NASDAQ:LCID) traded down 5.6% during trading on Friday . The company traded as low as $9.81 and last traded at $10.00. 5,925,440 shares were traded during trading, a decline of 25% from the average session volume of 7,887,663 shares. The stock had previously closed at $10.59.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LCID. Cantor Fitzgerald reduced their price target on shares of Lucid Group from $21.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday. Zacks Research cut Lucid Group from a “hold” rating to a “strong sell” rating in a report on Thursday, January 22nd. Stifel Nicolaus decreased their target price on Lucid Group from $21.00 to $17.00 and set a “hold” rating on the stock in a research report on Monday, November 17th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $10.00 target price on shares of Lucid Group in a report on Wednesday. Finally, Morgan Stanley downgraded Lucid Group from a “buy” rating to an “underweight” rating and cut their price target for the stock from $30.00 to $10.00 in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $19.71.

Lucid Group Trading Down 5.6%

The business has a 50-day moving average of $10.74 and a 200 day moving average of $15.65. The stock has a market cap of $3.24 billion, a PE ratio of -0.82 and a beta of 1.16. The company has a debt-to-equity ratio of 3.00, a quick ratio of 1.34 and a current ratio of 1.25.

Hedge Funds Weigh In On Lucid Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Valeo Financial Advisors LLC lifted its stake in shares of Lucid Group by 9.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 11,926 shares of the company’s stock worth $25,000 after purchasing an additional 1,055 shares during the period. Kingsview Wealth Management LLC acquired a new position in Lucid Group in the second quarter valued at $30,000. Brown Advisory Inc. lifted its position in Lucid Group by 47.5% during the second quarter. Brown Advisory Inc. now owns 15,530 shares of the company’s stock worth $33,000 after buying an additional 5,000 shares during the period. Heritage Wealth Advisors lifted its position in Lucid Group by 43.5% during the second quarter. Heritage Wealth Advisors now owns 16,500 shares of the company’s stock worth $35,000 after buying an additional 5,000 shares during the period. Finally, Keynote Financial Services LLC purchased a new stake in Lucid Group in the 2nd quarter valued at about $35,000. Hedge funds and other institutional investors own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc is a California-based electric vehicle manufacturer specializing in the design, engineering and production of luxury electric sedans. Its flagship model, the Lucid Air, features a proprietary battery and powertrain architecture that emphasizes energy efficiency, extended driving range and high performance. In addition to passenger vehicles, Lucid offers charging solutions and software-enabled services aimed at optimizing the ownership experience and accelerating adoption of zero-emission transportation.

The company was founded in 2007 under the name Atieva, initially focusing on battery technology and electric powertrains for other automakers before transitioning to its own branded vehicles.